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Gold Summary for May 8, 2020

2020-05-08 18:48 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slipped $15.10 to $1,702.90 on Friday. North American senior markets moved higher again today, and the TSX-V followed suit with a 3.87-point gain to end the day at 492.09. The TSX gold index followed bullion lower, dropping 2.39 points to 352.31. Teranga Gold Corp. (TGZ) bucked the trend, adding 27 cents to $10.70 on 1.15 million shares. The company said late yesterday that it will reveal its first quarter results next week.

Jason Neal's TMAC Resources Inc. (TMR) gained one cent to $1.69 on 22.8 million shares on word that it has agreed to a takeover by China-based Shandong Gold Mining Co. Ltd. Shandong will pay $1.75 per share for TMAC's stock, which the parties agree is a 52-per-cent premium to TMAC's 20-day average price of $1.15 per share. Grumpy TMAC shareholders will undoubtedly point out that the offer is a 4-per-cent premium to Thursday's close, although that was a result of TMAC's stock "inexplicably" gaining 23 cents to end yesterday at $1.68 on 3.07 million shares.

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